Property held by one owner: the owner should disclose the
rental income in his Tax Return – Individual (BIR 60).

Property held by more than one owner: strictly in law, every
owner (whether he is a joint owner or an owner-in-common) is legally obliged
to file a Property Tax Return (BIR 57) to disclose the rental income and pay
Property Tax as if he were the sole owner. But in practice, the tax return
will be sent to the precedent owner (the owner as first named in the title
deed) --- then the precedent owner will be required to file the tax return and
pay the tax on behalf of the other owners.

Tax penalty may be imposed on the owner if he commits the following offence:

failure to notify the Revenue within 4 months after the
year of assessment if he has not received a tax return;

failure to file the tax return within the time specified;

filing an incorrect tax return; or

failure to keep sufficient rent record so as to compute the
tax.

The property
owner is required by Stamp Duty Ordinance to have the lease duly stamped
within 30 days of the execution of the lease. Failure to do so may render
the owner liable to penalty and make the lease agreement inadmissible
in civil proceedings. For my guidance on stamp duty,
click here.